GameStop profit falls; sees fewer stores in 2012

SteveGelsi

NEW YORK (MarketWatch) -- Video-game retailer GameStop Corp.
GME, +0.19%
said Thursday its fourth-quarter profit for the three months ended Jan. 28 fell to $174.7 million, or $1.27 a share, from $237.8 million, or $1.56 a share, in the year-ago period. The company's adjusted profit in the most recent quarter totaled $1.73 a share. Sales fell to $3.58 billion from $3.69 billion. Wall Street analysts expected GameStop to earn $1.73 a share on revenue of $3.69 billion, according to a survey by FactSet Research. Looking ahead, GameStop expects first-quarter profit of 52 cents to 55 cents a share and fiscal 2012 profit of $3.10 to $3.30 a share, compared to analyst estimates of 58 cents a share and $3.15 a share respectively. GameStop plans to open 100 stores and close 150 stores in the U.S. this year.

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